Royal Sun Alliance Endowments?

tonyflan

Thanks for the info EdInvestor. I originally complained to the agent who sold the policy and then RSA. They both washed their hands with it and so I passed the compaint to FOS, they have since rejected our compaint. They have passed it on to another ombudsman as this was or only option it appeared.
Is it worth waiting for the outcome of this compaint still or would I be best to just jump ASAP. Can I take it from your other forum replies that due to its 'zombie' status I would not get a better price for it elsewhere?

dunstonh

Is it worth waiting for the outcome of this compaint still or would I be best to just jump ASAP

Its up to you. The ombudsman do overule at times but its not very common for them to do so. You certainly wouldnt be putting any money on the decision being overuled.

EdInvestor

tonyflan wrote:

Is it worth waiting for the outcome of this compaint still or would I be best to just jump ASAP. Can I take it from your other forum replies that due to its 'zombie' status I would not get a better price for it elsewhere?

As far as I understand the situation, surrendering the endowment will not affect your complaint about the adjudicator.

By all means Google for TEP traders and check if you can sell the policy, but from what I know, zombie endowments don't ring too many traders' bells.

defender_of_the_weak

Tonyflan on what grounds was your complaint rejected and when did you make your complaint to Royal Life I may be able to provide some assistance/info if your original complaint was after June 2004.

tonyflan

Dear defender,

The FOS say that we had been warned in July 2000 that our policy was at risk of not reaching the target amount and again in May 2003 (this was then highlighted in red warnings). They say that our time ran out because it was before the complaint rules changed in June 2004. Essentially, we had a letter in 2000 saying that the policy would have problems reaching > 8% per annum growth and then one in 2003 which means we fall under one complaint catagory. If we complained after 1 June 2004 to a complaint that FOS establish are still valid then we must have had letters high risk warning letters, then we must have received comfirmation of when the time to complain will expire.
My complaint letter was sent initially to the RSA/And the selling agent in Jan 2005 and forwarded to FOS in March 2005.
I can't believe they can reject my claim on a time limit to complain when they never gave us any warning that time limits existed.
I only became aware of time limits through the publicity in the press over the last 18 months or so and as such put forward my claim.
Am I dead in the water on this claim now do you think?
Thanks in advance. :think: